DURHAM, N.C.-For 2009, Latino Community CU (LCCU) has been awarded a $60,000 Innovation Grant from the National Credit Union Foundation (NCUF) to create a "Culture of Savings" throughout a state that has one of the fastest-growing Latino populations.
To create that culture, the credit union will first have to overcome inherent aspects of the Latino culture. "Some of the barriers are cultural," acknowledged LCCU CEO Luis Pastor. "Many Latin American economies are significantly more cash-based than the United States. Political unrest or a history of currency fluctuations in some countries has created an understandable distrust of banking systems. Most Latin American nations have not created deposit insurance programs, fostering further reluctance to consider a bank or credit union as a location for your family's life savings."
For info: www.ncuf.coop.
